Micron Technology, Inc. (NASDAQ:MU) CEO Sanjay Mehrotra Sells 7,000 Shares

Posted by Trent Williams on May 9th, 2024

Micron Technology, Inc. (NASDAQ:MU – Get Free Report) CEO Sanjay Mehrotra sold 7,000 shares of Micron Technology stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $120.32, for a total value of $842,240.00. Following the transaction, the chief executive officer now owns 719,049 shares of the company’s stock, valued at $86,515,975.68. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website.

Sanjay Mehrotra also recently made the following trade(s):

On Tuesday, April 30th, Sanjay Mehrotra sold 7,000 shares of Micron Technology stock. The stock was sold at an average price of $114.87, for a total transaction of $804,090.00.
On Tuesday, April 23rd, Sanjay Mehrotra sold 7,000 shares of Micron Technology stock. The stock was sold at an average price of $111.93, for a total value of $783,510.00.
On Tuesday, April 16th, Sanjay Mehrotra sold 7,000 shares of Micron Technology stock. The shares were sold at an average price of $120.70, for a total value of $844,900.00.
On Tuesday, April 9th, Sanjay Mehrotra sold 7,000 shares of Micron Technology stock. The shares were sold at an average price of $122.60, for a total transaction of $858,200.00.
On Thursday, April 4th, Sanjay Mehrotra sold 45,000 shares of Micron Technology stock. The shares were sold at an average price of $130.00, for a total value of $5,850,000.00.
On Tuesday, April 2nd, Sanjay Mehrotra sold 7,000 shares of Micron Technology stock. The shares were sold at an average price of $122.09, for a total transaction of $854,630.00.
On Monday, March 25th, Sanjay Mehrotra sold 45,000 shares of Micron Technology stock. The stock was sold at an average price of $120.00, for a total value of $5,400,000.00.
On Thursday, March 21st, Sanjay Mehrotra sold 45,000 shares of Micron Technology stock. The stock was sold at an average price of $113.38, for a total transaction of $5,102,100.00.
On Tuesday, March 19th, Sanjay Mehrotra sold 7,000 shares of Micron Technology stock. The stock was sold at an average price of $93.08, for a total transaction of $651,560.00.
On Tuesday, March 12th, Sanjay Mehrotra sold 7,000 shares of Micron Technology stock. The shares were sold at an average price of $95.64, for a total transaction of $669,480.00.

Micron Technology Stock Performance

Shares of NASDAQ MU traded down $1.51 during midday trading on Thursday, hitting $117.81. The company’s stock had a trading volume of 11,506,274 shares, compared to its average volume of 19,999,340. Micron Technology, Inc. has a one year low of $59.79 and a one year high of $130.54. The firm has a market capitalization of $130.06 billion, a price-to-earnings ratio of -34.15 and a beta of 1.27. The company has a current ratio of 3.74, a quick ratio of 2.40 and a debt-to-equity ratio of 0.30. The stock has a fifty day moving average price of $110.70 and a 200 day moving average price of $90.90.

Micron Technology (NASDAQ:MU – Get Free Report) last released its quarterly earnings data on Wednesday, March 20th. The semiconductor manufacturer reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.69. Micron Technology had a negative net margin of 20.57% and a negative return on equity of 8.98%. The company had revenue of $5.82 billion during the quarter, compared to analyst estimates of $5.35 billion. During the same period last year, the business earned ($2.03) earnings per share. Micron Technology’s revenue was up 57.7% compared to the same quarter last year. On average, research analysts forecast that Micron Technology, Inc. will post 0.24 EPS for the current fiscal year.

Micron Technology Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 16th. Investors of record on Monday, April 1st were paid a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a yield of 0.39%. The ex-dividend date of this dividend was Thursday, March 28th. Micron Technology’s dividend payout ratio is currently -13.33%.

Hedge Funds Weigh In On Micron Technology

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Northern Trust Corp lifted its position in Micron Technology by 0.7% in the 3rd quarter. Northern Trust Corp now owns 10,833,670 shares of the semiconductor manufacturer’s stock worth $737,015,000 after buying an additional 80,345 shares during the last quarter. L2 Asset Management LLC grew its holdings in shares of Micron Technology by 492.3% during the 3rd quarter. L2 Asset Management LLC now owns 26,444 shares of the semiconductor manufacturer’s stock valued at $1,799,000 after purchasing an additional 21,979 shares during the last quarter. Invesco Ltd. grew its holdings in shares of Micron Technology by 11.8% during the 3rd quarter. Invesco Ltd. now owns 8,807,926 shares of the semiconductor manufacturer’s stock valued at $599,203,000 after purchasing an additional 927,302 shares during the last quarter. Merlin Capital Inc purchased a new position in Micron Technology in the 3rd quarter worth $407,000. Finally, Amitell Capital Pte Ltd boosted its position in Micron Technology by 97.9% during the third quarter. Amitell Capital Pte Ltd now owns 95,210 shares of the semiconductor manufacturer’s stock valued at $6,477,000 after buying an additional 47,105 shares during the period. Hedge funds and other institutional investors own 80.84% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on MU. Mizuho increased their price objective on Micron Technology from $105.00 to $124.00 and gave the company a “buy” rating in a report on Thursday, March 21st. Wedbush boosted their target price on shares of Micron Technology from $103.00 to $130.00 and gave the company an “outperform” rating in a report on Thursday, March 21st. Piper Sandler upped their target price on Micron Technology from $95.00 to $130.00 and gave the company an “overweight” rating in a research report on Thursday, March 21st. Fox Advisors raised Micron Technology from an “equal weight” rating to an “overweight” rating in a research note on Thursday, March 21st. Finally, KeyCorp boosted their target price on shares of Micron Technology from $135.00 to $150.00 and gave the company an “overweight” rating in a research report on Monday, April 8th. One research analyst has rated the stock with a sell rating, one has given a hold rating and twenty-five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $123.60.

Read Our Latest Research Report on MU

About Micron Technology

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Micron Technology, Inc designs, develops, manufactures, and sells memory and storage products worldwide. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Embedded Business Unit, and Storage Business Unit. It provides memory and storage technologies comprising dynamic random access memory semiconductor devices with low latency that provide high-speed data retrieval; non-volatile and re-writeable semiconductor storage devices; and non-volatile re-writable semiconductor memory devices that provide fast read speeds under the Micron and Crucial brands, as well as through private labels.